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South Bend Redevelopment Commission <br />Special Meeting –August 27, 2010 <br /> <br />3. APPROVAL OF CLAIMS (CONT.) <br /> <br />Claims submitted August 27, 2010, and ordered checks <br />to be released. <br /> <br /> <br />4. COMMUNICATIONS <br /> <br />TC <br />There were no Communications. <br />HERE WERE NO OMMUNICATIONS <br /> <br /> <br />5. OLD BUSINESS <br /> <br />A. South Side Development Area <br /> <br />(1) Resolution No. 2715 approving and <br />accepting a counteroffer for acquisition of <br />property located at 4215 S. Main Street. <br /> <br />Mr. Schalliol noted that Resolution No. 2715 <br />accepts a counter offer and administrative <br />settlement for 4215 S. Main Street that total <br />$135,000. The property is in the middle of <br />the property needed to complete the Main- <br />Lafayette Connector. Staff has been trying <br />for five years to acquire this property. <br /> <br />The 17,194.75 sq. ft. subject parcel was <br />added to the South Side Development Area <br />Acquisition List by Resolution No. 2337 on <br />May 19, 2006. On July 23, 2010 the <br />Redevelopment Commission approved <br />Resolution No. 2714 which set the <br />acquisition offering price for the property at <br />$79,500.00, the average of two appraisals <br />which came in at $69,000 and $90,000. The <br />owner has made a counter offer in the <br />amount of $130,000. <br /> <br />The average acquisition price for 18 parcels <br />that have already been acquired in this block <br />is $12.97 per square foot. At $130,000, the <br />per sq. ft. value of this parcel would be only <br />$7.56. Staff proposes accepting the counter <br />offer and an administrative settlement of an <br /> 4 <br /> <br />